Gold, silver extend losses on sustained selling, global cues
New Delhi: The prices of both the precious metals gold and silver extended losses Thursday on sustained selling by stockists amid weakening global trend.
Gold prices plunged by Rs 440 to Rs 30,800 per ten gram and silver fell by Rs 310 to Rs 52,300 per kg on poor offtake by jewellers and industrial units.
Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on both gold and silver prices for the second straight day.
They said weak global trend where gold retreated to a three-week low on speculation that the US Federal Reserve will commit to reducing stimulus next week further influenced the trend.
Gold in Singapore, which normally set price trend on the domestic front, dropped by 0.8 percent to USD 1,354.51 an ounce, the lowest level since August 20, and silver by 1.4 percent to USD 22.87 an ounce.
On the domestic front, gold of 99.9 and 99.5 percent purity fell by Rs 440 each to Rs 30,800 and Rs 30,600 per ten gram, respectively. It had lost Rs 130 in the previous session.
Sovereign followed suit and shed Rs 100 to Rs 25,100 per piece of eight gram.
Silver ready fell further by Rs 310 to Rs 52,300 per kg and weekly-based delivery by Rs 1,120 to Rs 51,490 per kg. The white metal had lost Rs 720 yesterday.
Silver coins tumbled by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.